federal legislature Archives | Fast Forward Accounting Solutions

Tag Archive for: federal legislature

Trump’s ‘Big Beautiful Bill’ Promises ‘No Tax On Tips And Overtime’, But There’s A Limit—Here’s Who Qualifies

July 14, 2025

The new law introduces two above-the-line deductions — one for tips and one for overtime pay. This allows eligible workers to deduct certain income from their federal taxable income, reducing how much they owe in federal income taxes. However, this does not eliminate all taxes on that income.

The Child Tax Credit Could Be Worth Over $2,000 Under Republicans’ Spending Plan—But Millions Of Families Would Be Ineligible For Full Benefit

June 30, 2025

Despite the potential increase that Republican lawmakers are pushing to boost the child tax credit as part of their budget reconciliation plan, approximately 17 million children would still not qualify for the full credit.

Seniors May Soon Get A Larger Income Tax Deduction

June 9, 2025

This proposed benefit, dubbed the “senior bonus,” is part of the One Big Beautiful Bill Act, which was passed by the House in late May. Its goal is to help ease financial strain on retirees—particularly those with moderate incomes.

Recent Posts

IRS Cracks Down On Travel And Meal Deductions: What Expenses Won’t Fly In 2025October 13, 2025 - 8:25 pm
Inflated or unsupported business travel and meal write-offs could trigger audits or penalties. Experts say this move reflects the IRS’s broader effort to curb abuse of business expense claims.
New Tax Rules: Income The IRS Won’t Touch In 2025October 6, 2025 - 8:31 pm
While the OBBB tax and spending law will offer potential breaks for many, it also introduces confusion about what’s truly non-taxable. Here’s a breakdown of income the IRS won’t tax and how the new law might impact your next return.
Major 401(k) Tax Break For Certain Earners Is Coming To An EndSeptember 29, 2025 - 7:49 pm
The IRS has issued final regulations for a 2022 law, which will require high-earning workers aged 50 and up to make pre-tax catch-up contributions.
Florida Braces For Health Care Changes As Obamacare Tax Credits Set To ExpireSeptember 22, 2025 - 8:55 pm
Unless Congress steps in, the subsidies will end on December 31—leaving millions of Americans, and especially Floridians, in limbo.
IRS Issues Urgent Warning About Social Media Tax ScamsSeptember 15, 2025 - 7:28 pm
The IRS reports that misleading social media posts and self-proclaimed “tax experts” have caused widespread confusion, resulting in over $162 million in penalties and more than 32,000 enforcement actions.
Workers In 68 Jobs May Soon Be Exempt from Paying Taxes On Tips — Including Some Unexpected OnesSeptember 8, 2025 - 8:42 pm
According to the White House, the new ‘No Tax On Tips’ provision could save eligible workers around $1,300 per year. However, the value of the tax break may be limited depending on income, tip levels, and the nature of the job — particularly for those in roles not commonly associated with receiving tips.
Important IRS Update To The $7,500 EV Tax Credit DeadlineSeptember 1, 2025 - 9:18 pm
This adjustment will significantly ease pressure on buyers, manufacturers, and dealers by allowing more time for vehicle deliveries.
One Big Beautiful Bill Extends Many Business-Friendly Tax ProvisionsAugust 25, 2025 - 6:31 pm
The key provisions of the One Big Beautiful Bill Act could affect your tax planning strategy. While a few changes may increase tax liability for some, the overall impact is likely positive for many businesses.

Tag Archive for: federal legislature

Trump’s ‘Big Beautiful Bill’ Promises ‘No Tax On Tips And Overtime’, But There’s A Limit—Here’s Who Qualifies

The Child Tax Credit Could Be Worth Over $2,000 Under Republicans’ Spending Plan—But Millions Of Families Would Be Ineligible For Full Benefit

Seniors May Soon Get A Larger Income Tax Deduction

FAST FORWARD ACCOUNTING SOLUTIONS

Contact Us